Gucci suffered a fresh blow over the crucial Christmas period as sales slumped.
Owner Kering said revenues at the struggling luxury brand in the three months to the end of December were 24 per cent lower than a year earlier at £1.6billion.
The industry has been hit by a slowdown in demand in China and beyond.
Profits at Gucci also dropped 51 per cent to £1.3billion, the group said, just days after it waved goodbye to creative director Sabato De Sarno.
The brand typically makes up about half of group sales and two-thirds of profits of its parent company.
Kering, which also owns Bottega Veneta and Yves Saint Laurent, saw sales fall 12 per cent overall to £3.6billion.
Profits down: Gucci, worn by celebrities including actress Daisy Edgar-Jones (pictured), saw revenues in the three months to the end of December fall 24% on last year
But chairman Francois-Henri Pinault insisted the group could turn itself around.
‘We are confident that we have driven Kering to a point of stabilisation, from which we will gradually resume our growth trajectory,’ he said.
But Pinault added that there was ‘an economic and geopolitical environment that remains uncertain’.
Shares have crashed 40 per cent over the past year, making it one of the worst performing stocks in the luxury goods industry.
But there are hopes that bolstered consumer confidence in the US will lift sales of pricey jewellery and clothes, which are worn by celebrities including actress Daisy Edgar-Jones, in the coming months.
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